A new team of agricultural commodity traders has been assembled in China by INTL FCStone Inc. to work with producers and consumers of grain-based feed ingredients, the company said on Friday.
The firm's Shanghai-based subsidiary, INTL FCStone Trading Co. Ltd will offer physical trading, cash brokerage and advisory services and is an expansion from the office's original focus on metals, company officials said.
"The team's knowledge of the Chinese cash grain and feed ingredients markets along with the global reach of INTL FCStone combine to offer our customer base unprecedented access to the world's largest feed ingredients end user market," Jim Lambert, INTL FCStone Trading Co. Ltd's Managing Director said.
China is the world's largest consumer and importer of soybeans and is expected to buy 61.0 million tonnes this marketing year (2012/13) or 65 percent of the total global soybean imports, according to U.S. Department of Agriculture data.
The soybean import tally would be up 5 percent from last year and up 17 percent from only two years ago.
Corn production in China this year is estimated by the USDA to total 200 million tonnes, nearly 24 percent of the world output and ranking behind only America's 272 million tonne crop. The country is the world's top wheat and cotton producer. Wheat production is forecast by USDA at 118 million tonnes or 18 percent of global output and the country's cotton output is estimated at 31.5 million bales, 27 percent of global production.
INTL FCStone Inc. and its subsidiaries provides execution and advisory services in commodities, currencies and international securities to more than 10,000 commercial customers in over 100 countries.
(Reporting By Sam Nelson;editing by Sofina Mirza-Reid)